$20 Billion Promised to SBA Loans
President Biden announced Tuesday that some of America’s biggest banks have pledged $20 billion to small business loans over the next three years.
This fiscal year the SBA has already broken record highs approving $18 billion in small business loans, up from 12.4 billion in 2010. Wells Fargo alone issued more than $1 billion in small business loans this year.
Biden said that SBA loans assist small business by, “making sure they get the loans they need to grow and hire more workers.”
Small business owners can be assured that banks will continue to approve billions of dollars in SBA loans over the next few years. The government seems to be increasing support of the nation’s small businesses.